Joint Mortgage after split

leannealsop

Hi

I have currently just split from my partner and we hold a joint mortgage. I wish to sell the property but have been advised that we will lose about £30k on the property if we sell in this current climate. I know I can rent it out but how do I go about doing this and is it the best option??? My mortgage is due for renewal in May so I'm running out of time and really dont want to lose £30k.
Please advise!!

Leanne

Conrad

There is no best option, your own particular detailed situation, needs, attitudes and lifestyle will impact on your decision. Whats right for one is wrong for another.

Rent properties are flooding markets in many areas often driven by cases such as you own.

When you say you will lose £30k, how so? Do you mean negative equity? If you mean you will lose paper profits based on past vakues, I personaly would not let that bother me as anything you buy will be cheaper too, even in 2 years time.

Youre lender may well decline to a consent to let. Some tell thier lenders, others do not.

Robert_Sterling_3

We do not know what will happen next.
The past is not always a guide to the future.
At present you say you would lose £30,000 if you sold.
we do not know whether that amount will continue to increase. What should you do?
I will pass on that question.

dimbo61

Hi Leanne ,
What happens to the mortgage in May ?
Does it go onto the SVR and what rate is that ? How much will the mortgage be each month ? £££££
Where has your EX gone to and is he/she still paying half the mortgage ?
Could you stay in the property and rent out a room if you can !
Could you afford the mortgage on your own ?
How much equity do you have in the property ?
IF you want to stay then check the things I have posted
If you want to sell and take the hit then put it on the market !
Speak to your EX and tell him/her that its a joint mortgage and they need to pay there half !!
Having the property repossed is a very bad idea so stay or sell its up to you
GOOD LUCK